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Thursday, May 19, 2022

Canaan Inc (CAN) stock rocketed in the pre-market. Here’s why

Canaan Inc (CAN) stock followed a bearish trend in the recently traded session and lost 9.61% in the session. Before the end of the recent trading session, CAN stock was trading at $5.83. On the last check, the CAN stock soared in the pre-market and gained 7.38% to $6.26. The stock price kept oscillating in the range of $5.58 and $6.28. The firm declared the shares buyback program. Moreover, CAN also provide business and development updates. Also, the firm declared unverified financial results for Q4 and FY21.


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Canaan is a computer equipment producer that has practical experience in Blockchain servers and ASIC chip processors for bitcoin mining. The firm has a market capitalization of $995.46 million. CAN have its headquarters in Hangzhou, Zhejiang, China.

CAN News

On 16 March 2022, Canaan declared the shares buyback program. The governing body of the company has approved a share buyback program. The firm will buy back shares worth $100 million over the course of the following two years beginning from March 16, 2022. The CEO of CAN, Nangang Zhang stated that they saw the new worldwide erosions, the homegrown quarantine measures for COVID-19 control, and large-scale factors across the capital market have unfavorably affected their stock execution. This new share buyback program exhibits their trust in the organization’s standpoint. They stay focused on their persistent and lithe activities and accept that they can defeat the difficulties and make more noteworthy accomplishments.

Also, on 16 March 2022, the firm reported that its business stance for the initial quarter of 2022 is supposed to be affected because of the postponement in the conveyance planned operations because of the new COVID-19 quarantine control in specific areas in China. As of late, the states in various urban communities of China had started quarantine control orders because of the new resurgence of COVID-19 cases. CAN is intently observing the evolvement of the pandemic circumstance and will continue strategies and product conveyance when the condition moves along.

Financials

The company provided an unverified result for the last quarter and FY21. The key highlights are

  • The revenue of $342.8 million in Q4 of FY21. Moreover, the revenue in FY21 was $782.5 million.
  • Canaan reported the total profit in Q4 of FY21 to be $233.3 million. Also, the total profit in FY21 was $447.3 million.
  • CAN had a total income of $187.7 million in the last quarter of FY21. Further, the total income in FY21 was $313.8 million.
  • Besides, the firm reported an EPS of $7.13 in Q4 of FY21. While the EPS in FY21 was $12.27.

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